Business
CANACCORD GENUITY GROUP INC. SPECIAL COMMITTEE DOES NOT SUPPORT MANAGEMENT BUYOUT OFFER
CANACCORD GENUITY GROUP INC. SPECIAL COMMITTEE DOES NOT SUPPORT MANAGEMENT BUYOUT OFFER ...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC. SPECIAL COMMITTEE DOES NOT SUPPORT MANAGEMENT BUYOUT OFFER\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Bid Undervalues the Company\n \n \n \n \n \n \n \n Offer Expires\n \n June 13, 2023\n \n ; Shareholders Need Not Take Any Action At this Time\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 27, 2023\n \n \n /CNW/ - The Special Committee of the Board of Directors of Canaccord Genuity Group Inc. (TSX: CF) (the \"Company\") acknowledges the formal commencement this morning of the take-over bid from certain members of the Company's management team (the \"Management Group\") to acquire all the common shares of the Company not already owned by the Management Group (the \"Offer\") at a price of\n \n $11.25\n \n per share (the \"Offer Price\").\n \n \n \n \n \n \n \n \n \n As stated in the Company's\n \n January 9, 2023\n \n press release, the Special Committee does not support the Offer at a price of\n \n $11.25\n \n per share and intends to recommend to the Board that shareholders not tender to the Offer.\n \n \n In making its recommendation, the Special Committee is relying in part on the independent valuation provided by RBC Capital Markets (\"RBC\") that, as of\n \n February 15, 2023\n \n , and subject to the assumptions, limitations and qualifications set forth in RBC's written valuation, the fair market value of the common shares of the Company is in the range of\n \n $12.75\n \n to\n \n $15.75\n \n per common share, or between 13% and 40% more than the current Offer Price. RBC has also delivered its opinion that, as of\n \n February 15, 2023\n \n , the consideration under the Offer is inadequate from a financial point of view to the holders of the common shares of the Company other than the Management Group. The Special Committee believes there is greater value in the Company than reflected in the Offer Price based on the RBC formal valuation.\n \n \n Since\n \n January 9, 2023\n \n , the Special Co...